1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lara31 [8.8K]
3 years ago
14

On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $7

8,000 of raw materials. During November, $95,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions:
The credits to the Work in Process account as a consequence of the raw materials transactions in November total:
(A) $78,000
(B) $0
(C) $95,000
(D) $92,000
Business
1 answer:
Maurinko [17]3 years ago
5 0

Answer:

Option (c) is correct.

Explanation:

Given that,

Raw materials on hand = $32,000

Purchased an additional raw materials = $78,000

During November,

Raw materials were requisitioned = $95,000

Totaled  indirect materials = $3,000

The journal entry is as follows:

Work in process inventory (95,000 - 3,000) A/c      Dr. $92,000

Manufacturing overhead A/c                                      Dr. $3,000

To Raw material A/c                                                                        $95,000

The work in process is debited by $92,000 and raw material is credit by $95,000.

You might be interested in
Government regulations help balance negative externalities such as: Multiple Choice No smoking rules enforced to mitigate the ef
amm1812

Government regulations help balance negative externalities such as no smoking rules enforced to mitigate the effects of second-hand smoke.

<h3>What is negative externality?</h3>

Negative externality is when the activities of producers or consumers negatively affect third parties not involved in production or consumption activities.

For example, smoking affects those who are not smoking. They are affected by the second-hand smoke. To prevent this, no smoking rules can be enforced.

To learn more about externalities, please check: brainly.com/question/26266710

4 0
1 year ago
Was the time period between 400ad and 1400ad a dark age for europe? was this a time of cultural decay and decline?
eduard

AD was a dark age and a period of cultural decay and decline for Europe because there was barely a government, harsh punishments, ignorant people, not a lot of land, and there was a lot of killing and diseases going around Europe that cause Europe to decline in population.

8 0
3 years ago
Kingbird Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $249,600 and a r
dimulka [17.4K]

Answer:

The amount patent(s) should be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents, is $32,300.

Explanation:

This can be calculated as follows:

Patent book value = $249,600

Remaining useful years January 1, 2020 = 8

Remaining useful months of the patents from January 1, 2020 = Remaining useful years January 1, 2020 * 12 8 * 12 = 96

Monthly Patent book value = Patent book value / Remaining useful months = $249,600 = $2,600

Patent book value amortized from January 1, 2020 to December 1, 2020 = Monthly Patent book value * 12 = $2,600 * 12 = $31,200

Legal fee incurred = $93,500

Number of months from January 1, 2020 to December 1, 2020 = 11

Relevant months of legal fee incurred starting from December 1, 2020 = Remaining useful months of the patents from January 1, 2020 - Number of months from January 1, 2020 to December 1, 2020 = 96 - 11 = 85

Monthly legal fee = Legal fee incurred / Relevant months of legal fee incurred starting from December 1, 2020 = $93,500 / 85 = $1,100

Amount to report = Patent book value amortized from January 1, 2020 to December 1, 2020 + Monthly legal fee for December 1, 2020 only = $31,200 + $1,100 = $32,300

Therefore, the amount patent(s) should be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents, is $32,300.

3 0
2 years ago
Here are incomplete financial statements for BLOSSOM, Inc. Calculate the missing amounts
Otrada [13]

Answer:

(A) net income: 20,000

(B) COGS = 55,000

(C) Common Stock = 30,000

Explanation:

(A) with the RE statemtn we sovle for RE

net income = ending RE - beginning RE + dividends

net income = 27,000 - 12,000 + 5,000 = 20,000

(B) With the net income we solve for COGS

COGS= revenues - net income - salaries and wages

COGS = 85,000 - 20,000 - 10,000 = 55,000

(C) now we solve for common stock

liab + equity = total liab and stockholders equity

account payable + common stock + RE = total liab and stockholders equity

5,000 + CS + 27,000 = 62,000

CS = 62,000 - 27,000 - 5,000 = 30,000

5 0
3 years ago
hello people if u are interesting in getting tutoring for any subject contact me i have the best auntie/tutor ever she nice and
Kitty [74]
Me and my sister are in high school, and need tutoring in geometry and algebra 2, could she help?
4 0
3 years ago
Other questions:
  • What is the name of the smallest amount that can legally be paid to most workers for an hour of work?
    13·1 answer
  • Gaddis the concept of seniority, which some employers use to hire and fire workers is
    6·1 answer
  • Chun Hei is carrying out a marketing research study. Even after seeking all reasonable available secondary data sources, she has
    12·1 answer
  • Match, an online dating service, offers you an internship to collect and analyze data. Your primary task is to test the correlat
    6·1 answer
  • Assume that GDP per capita for two countries is displayed in plot with a ratio scale on the y-axis and a linear time scale (in y
    7·1 answer
  • A good example of central planning at work in the U.S. would be: Select one:
    6·1 answer
  • An x-ray machine at a dental offi ce is MACRS 5-year property. The x-ray machine costs $6,000 and has an expected useful life of
    9·1 answer
  • Consider the following premerger information about a bidding firm (Firm B) and a target firm (Firm T). Assume that both firms ha
    14·1 answer
  • Uncle Fred recently died and left $280,000 to his 45-year-old favorite niece. She immediately spent $80,000 on a town home but d
    8·1 answer
  • Each week Pablo buys exactly 14 bottles of Bai Infusion drink regardless of its price. Pablo's own price elasticity of demand fo
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!